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Buying a second home with a partner
mrcawdell
Posts: 6 Forumite
Good afternoon MSE,
I am hoping someone can shed some advice for me.
I have had my property on the market since just before the COVID-19 pandemic. The reason for the property on the market is because my partner just picked up a dream job about 90 minutes away from where we currently live.
Unfortunately her start date has not changed and the market conditions for selling have been horrendous. I will be in negative equity if I sell my property and she will be working 12 hour shifts so 3 hours commuting is just not possible.
Could my partner buy a property in her name (the property we currently live in is solely mine) and take advantage of the low house prices, wait for the market to recover then sell my property on and use the equity from my property to renovate our current property.
We have enough money for 5% deposit + Fees between us for purchasing
Is there anything I should be aware of in doing this?
I am hoping someone can shed some advice for me.
I have had my property on the market since just before the COVID-19 pandemic. The reason for the property on the market is because my partner just picked up a dream job about 90 minutes away from where we currently live.
Unfortunately her start date has not changed and the market conditions for selling have been horrendous. I will be in negative equity if I sell my property and she will be working 12 hour shifts so 3 hours commuting is just not possible.
Could my partner buy a property in her name (the property we currently live in is solely mine) and take advantage of the low house prices, wait for the market to recover then sell my property on and use the equity from my property to renovate our current property.
We have enough money for 5% deposit + Fees between us for purchasing
Is there anything I should be aware of in doing this?
0
Comments
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How soon is your partner’s new job starting? Is it realistic that she will be able to find a property to buy and complete before the new job starts?mrcawdell said:Good afternoon MSE,
I am hoping someone can shed some advice for me.
I have had my property on the market since just before the COVID-19 pandemic. The reason for the property on the market is because my partner just picked up a dream job about 90 minutes away from where we currently live.
Unfortunately her start date has not changed and the market conditions for selling have been horrendous. I will be in negative equity if I sell my property and she will be working 12 hour shifts so 3 hours commuting is just not possible.
Could my partner buy a property in her name (the property we currently live in is solely mine) and take advantage of the low house prices, wait for the market to recover then sell my property on and use the equity from my property to renovate our current property.
We have enough money for 5% deposit + Fees between us for purchasing
Is there anything I should be aware of in doing this?I recommend you engage a mortgage broker as there aren’t many 95% LTV mortgages kicking around at the moment, if any, and it seems you’ll also need to find a lender will to accept some/all of the deposit coming from someone who won’t be party to the mortgage.0 -
Couldn't she just rent?0
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by "partner" do you meam:
- legally married ?
- or living in sin ?
the difference matters for SDLT purposes even if she buys in sole name0
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